R.B. Murray Company Brokers Landmark Post-Pandemic Office Real Estate Sale

News Sources

SBJ | Springfield News-Leader | connectcre | VANDWEED Commercial | REjournals | Ozarks First | KY3 | Ingrams | EINPRESSUREWIRE | CoStar


R.B. Murray Company Brokers Landmark Post-Pandemic Office Real Estate Sale

Springfield, MO: On January 31, 2023, R.B. Murray Company President Ross Murray, SIOR, CCIM exclusively brokered the sale of the largest privately held office building in Springfield, Missouri, the 268,413-square-foot JPMorgan Chase campus, from Sentinel Net Lease to CoxHealth.

The JP Morgan Chase campus sale represents a landmark transaction in the post-pandemic office real estate market. According to Sentinel Net Lease, the transaction produced a 1.9x earning on invested capital for the sellers and a 45% IRR, resulting in one of the most profitable office transactions in the nation over the past several years.

“We are thrilled with the successful sale of the Chase Operations Center, which underscores our unwavering dedication to maximizing value to our investors,” said Fred Lewis, Chief Executive Officer for Sentinel Net Lease, in the company’s news release. “This transaction highlights the strength of our investment strategy and enduring appeal of prime commercial real estate.”

For CoxHealth, the sale provided an unprecedented opportunity to secure the only asset of this caliber and size in the city, near their existing campus, for a fraction of new construction costs.

“The opportunity to add this much capacity, in this location, comes at a great time for CoxHealth,” said Max Buetow, CoxHealth’s President and CEO, in the healthcare provider’s news release. “This expansion positions us well to continue meeting our community’s needs.”

This transaction exemplifies how Springfield continues to buck the post-pandemic trend of office real estate. “Certain areas of the country are experiencing considerable challenges in the office market,” R.B. Murray Company President Ross Murray said. “However, Springfield has continued to remain resilient with the office market trending positively with continued stability and low vacancy.”

Sentinel Net Lease selected R.B. Murray Company to broker this transaction due to the firm’s experience working with complex transactions for institutional organizations and their long-standing reputation in Springfield.

“Having brokered many transactions of this complexity over the past 100 years and having the trust, experience and expertise needed to ensure success, R.B. Murray Company was the firm best suited to handle this project,” Murray said.


About R.B. Murray Company: Established in 1909, R.B. Murray Company is the most trusted name in commercial and industrial real estate in Southwest Missouri. R.B. Murray Company has earned the industry’s most prestigious individual designations thanks to an ongoing commitment to professional development, a rigorous code of ethics and substantial volume requirements. For more information, contact Ross Murray at ross@rbmurray.com.